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Town close to deal for new cinema
The second phase of Corby town centre's redevelopment has fallen victim to the economic downturn, but the council has revealed it is close to a deal for a new cinema.
The authority says Land Securities, which owns much of the town centre, has been forced to abandon the ambitious Evolution Corby project.
That scheme was to have included new shops, including two major stores, and 350 apartments.
It says in the current economic climate it is no longer viable to proceed with a speculative development.
However the company is to continue making improvements to Corporation Street and New Post Office Square as part of its on-going commitment to the town.
And Corby Council is to play its part by attempting to close a deal for a multiplex.
Council chief executive Chris Mallender said: "Of course it's disappointing but it has been Corby's worst kept secret.
"Evolution was to have been a mixed use development with up to 350 town centre apartments and there is just no demand for them.
"The second phase was to have been double the size of Willow Place. It was an incredibly ambitious 100m scheme and it can't go ahead without guaranteed returns.
"However, we will work with Land Securities to keep our town centre competitive."
Mr Mallender said Deene House, Grosvenor House, Chisholm House and the existing library – which will all be either empty or under-used when the Cube opens, could be potential sites for developments.
The former Westgate store, the Willows Arts Centre and Tresham College's soon-to-be vacant land, in George Street, could also be utilised.
Deputy leader of the council Mark Pengelly said: "Of course we are disappointed about the news but we have to be realistic.
"We have been in prolonged talks with several developers and are close to signing a deal for a new multiplex cinema on the site of the former Willows Arts Centre and there will be other improvements."
No one from Land Securities was available to comment about the scrapping of the scheme.
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Saturday 04 February 2012
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